Innovative Devices Help Ease the Burden of Tracking Diseases
FinancialBuzz.com News Commentary
NEW YORK, Sept. 23, 2020 /PRNewswire/ -- As technology evolves to increase productivity and eliminate or reduce human error, several major industries are expected to undergo significant changes. The medical device industry, for example, is expected to enter a new phase thanks to several advancements such as the Internet of Things (IoT), big data analytics, augmented reality devices and other technologies that are only now reaching maturity or will promptly. For instance, IoT in healthcare is increasingly used to promote active patient engagement and patient-centric service delivery through advanced devices that are constantly connected with each other. And despite global growth, the United States is still the largest medical device market, with a value of USD 156 Billion, which accounted for 40% of the global industry in 2017. Research provided by SelectUSA, a U.S. government-wide program led by the U.S. Department of Commerce, estimates that by 2023, the medical device market is expected to grow to USD 208 Billion. Biotricity, Inc. (OTCQB: BTCY), GenMark Diagnostics, Inc. (NASDAQ: GNMK), Sintx Technologies, Inc. (NASDAQ: SINT), Fluidigm Corporation (NASDAQ: FLDM), Fitbit, Inc. (NYSE: FIT)
The current pandemic is the first to occur against the backdrop of unprecedented technological advancement, particularly of information technology which is widely applied in a medical setting. Wearable technologies play a crucial role in that regard. Recently, the Stanford Healthcare Innovation Lab launched a study with the goal of determine if information from wearable devices, like Fitbit and Apple Watch, can be used to track infectious diseases. In addition, earlier in March, according to mHealthIntelligence, San Diego-based SRTI launched DETECT, a national effort to gather data from smartwatches and activity trackers to analyze how activity, heart rate, sleep patterns and other connected health data can be integrated into a public health surveillance program. Participants were asked to upload their data through the MyDataHelps app.
Biotricity, Inc. (OTCQB: BTCY) announced earlier this month, "record results in its technology service revenues, demonstrating a continued pattern of improved growth for its first fiscal quarter ending June 30, 2020. During these three months, Biotricity, had combined device sales and technology fee revenues that were 38.2% higher than those of the corresponding period in the preceding year and 24.5% higher than the preceding quarter, ended March 31, 2020, marking its most successful quarter to date.
'We believe that our business model is validated as we closed the quarter with our highest revenues yet,' stated Waqaas Al-Siddiq, Biotricity's CEO. 'We recognized and met the increased demand for remote healthcare services and listened to our customer's needs. Despite the challenges of COVID-19, we have continued to drive innovation, introducing new programs and technologies that will help limit the need for in-person visits while streamlining pathways to promote patient accessibility.'
During the three months ended June 30, 2020, Biotricity, incurred a net loss of 9 cents per share. The Company's CFO, John Ayanoglou commented: "The Company remains committed to providing significant resources to the development and expansion of a high-caliber sales force. We also plan to continue to devote meaningful capital to our research and development programs and build the infrastructure required to support higher sales volumes."
Alongside posting a record quarter, the Company experienced important milestones over the past few months with more to follow:
- Continued quarter over quarter revenue growth
- FDA Clearance for its Bioflux Software System II
- Upcoming Launch of new Telemedicine platform,
- Upcoming FDA filing for Biotres, an ECG Holter solution that addresses the existing challenges within the Holter market."
GenMark Diagnostics, Inc. (NASDAQ: GNMK) a provider of automated, multiplex molecular diagnostic testing systems, announced back in June that its ePlex® Respiratory Pathogen 2 (RP2) Panel is now available for U.S. commercial distribution and clinical use. The ePlex RP2 Panel is one of the first rapid-result multiplex panel tests that can identify 21 pathogens, including SARS-CoV-2, to be made available for clinical use. The company also submitted an Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration for the ePlex® Respiratory Pathogen 2 (RP2) Panel earlier this month. "The ePlex RP2 Panel is designed to enable clinicians to quickly determine the cause of infection and the best course of treatment. This is especially vital for individuals who are vulnerable, such as the elderly, people with compromised immune systems, and children, and therefore at increased risk for the new coronavirus and other common and often serious respiratory illnesses," said Scott Mendel, President and CEO of GenMark. "One recent study highlighted that about 20% of COVID-19 patients are also infected with other respiratory pathogens.2 Syndromic panels that provide broad coverage of viruses and bacteria from one patient sample will be critical this flu season, which is expected to coincide with continued SARS-CoV-2 infections."
Sintx Technologies, Inc. (NASDAQ: SINT) an original equipment manufacturer of silicon nitride ceramic for medical and non-medical applications, announced earlier this month newstudies confirming that its material inactivates SARS-CoV-2, the causative agent of the COVID-19 pandemic, as well as the Influenza A virus that is responsible for the common cold. Previous findings had shown that SINTX's silicon nitride can inactivate SARS-CoV-2, as well as other single-strand RNA (ssRNA) viruses such as Influenza A, Feline calicivirus, and Enterovirus. Those findings were first reported in June 2020 on BioRxiv , a pre-print server for COVID-19 research ahead of peer review. Data related to the other ssRNA viruses are under peer review for publication.
Fluidigm Corporation (NASDAQ: FLDM) reported last week its participation in CANCERPREV, a research and training program composed of top-tier research and teaching institutions and life science/pharma companies. CANCERPREV is principally focused on advancing the understanding of how breast and skin cancer can be prevented. Life science researchers participating in CANCERPREV programs receive cross-disciplinary training from cancer biologists, epidemiologists, mathematicians and geneticists to better understand the key factors in cancer development, including hormonal stimulation, chronic inflammation and lifestyle risks. A central focus of the consortium's research is on examining sex hormone signaling and chronic inflammation in breast tissue and skin as benchmarks of early cancer development in organs with reproductive and non-reproductive functions, respectively.
Fitbit, Inc. (NYSE: FIT) announced back in June a new Ready for Work solution to help employers with the unprecedented challenge of returning to the workplace during the COVID-19 pandemic. Fitbit's Ready for Work solution gives employees access to key health metrics from their Fitbit device along with exposure, symptom and temperature logging, all within an easy-to-use Daily Check-In feature that provides employees with guidance on whether to go into the workplace. Daily reporting and analytics enable employers to quickly assess and monitor workplace health and safety and provide support for employees. The solution is available through Fitbit Health Solutions and aims to help employees and employers combat workplace spread of COVID-19 and return to work safely, confidently, and in good health. "For more than 13 years, Fitbit has been working with employers to provide accessible and engaging solutions for employees to improve their health. As workplaces start to reopen, we have an opportunity to help employees better track their health and make informed decisions about whether or not to go to work," said Amy McDonough, General Manager and Senior Vice President for Fitbit Health Solutions. "Early action is key to protecting the workforce and the workplace. Ready for Work enables employees to view trends in their Fitbit-tracked health metrics next to self-reported symptoms so they can assess their health and readiness for work from home."
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